Fraud detection has to improve to protect banks: BCT Digital CEO

With the rise of digital and contactless banking, fraudsters have found newer ways to exploit vulnerabilities, said Jaya Vaidyanathan, chief executive officer (CEO) of BCT Digital

BCT Digital is a fintech, regtech, and sustaintech solutions provider. It recently enhanced its rt360 Early Warning System with the integration of Goods and Services Tax (GST) data. It brings GST non-compliance into sharp focus within the rt360 Credit Monitoring framework. In July last year, the Reserve Bank of India recognised the company’s s rt360 Real-Time Monitoring System. JAYA VAIDYANATHAN, chief executive officer (CEO) of BCT Digital, interacted with Raghu Mohan via email. Edited excerpts:  Why do frauds continue to plague banking and financial services despite all the investments in technology? 

With the rise of digital and contactless banking, fraudsters